Fortis Health needs some care

Fortis Healthcare is having a roller coaster ride today. After going up over 3.5% to Rs.151.75, the stock price has now slumped down almost 7% to Rs.136.50.

The stock was in the negative light yesterday after allegations rose over serious frauds committed by the promoters, the Singh brothers. And today, the moods turned around despite the cloud of the fraud.

The reason – ace investor and D-Mart promoter, RK Damani has picked up a 0.5% stake or bought 26.59 lakh shares of the company.

The shares were bought on the NSE yesterday at Rs.144.50/share.

But looks like the euphoria of Damani wore off pretty soon and now the stock is back in the red as the governance issues take precedence.